Form 1099

The form used to prepare and file an information return reporting various types of income other than wages, salaries, and tips. Many businesses and organizations file hundreds to thousands of 1099s and therefore must file them electronically (if you are filing more than 250 Form 1099 reports, you must file them electronically). Although there are many variants of this form, two common examples are 1099-DIV and 1099-INT. Form 1099-DIV is a statement that summarizes dividends from stock you own. Its main purpose is to report the dividends you received, income tax withheld from dividends, and foreign taxes paid on dividends.

You should receive a 1099-INT from payers of interest income, such as banks and savings institutions. This statement summarizes your interest income for the year and is also used to report other tax items related to your interest income, such as early withdrawal penalties, federal tax withheld, and foreign tax paid.